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Asia-Pacific Economic Cooperation (APEC) Forum

Asia-Pacific Economic Cooperation (APEC) Forum:

New Zealand is hosting this year’s Asia-Pacific Economic Cooperation (APEC) forum.

  • Continued outbreaks of the coronavirus and related travel restrictions have confined the meeting to the virtual realm for a second straight year.
  • As usual, the 21 APEC members will be seeking areas where members can cooperate on easing barriers to trade and economic growth instead of trying to settle longstanding feuds.

APEC:

  • It is a regional economic forum established in 1989 to leverage the growing interdependence of the Asia-Pacific.
  • Aim: to create greater prosperity for the people of the region by promoting balanced, inclusive, sustainable, innovative and secure growth and by accelerating regional economic integration.
  • APEC works to help all residents of the Asia-Pacific participate in the growing economy. APEC projects provide digital skills training for rural communities and help indigenous women export their products abroad.
  • Recognizing the impacts of climate change, APEC members also implement initiatives to increase energy efficiency and promote sustainable management of forest and marine resources.
  • The forum adapts to allow members to deal with important new challenges to the region’s economic well-being. This includes ensuring disaster resilience, planning for pandemics, and addressing terrorism.
  • APEC’s 21 member economies are Australia; Brunei Darussalam; Canada; Chile; People’s Republic of China; Hong Kong, China; Indonesia; Japan; Republic of Korea; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; The Philippines; The Russian Federation; Singapore; Chinese Taipei; Thailand; United States of America; Viet Nam.

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